This article has a fairly easy tutorial. The conversation in the comments will cover a few best practices for you as well.
Here is an adobe livedoc on runtime localization that you may not have seen yet either.
This final link provides an update on the changes in the localization API made in Flex 3 and documents the deprecated and new classes/methods, etc. (a list with examples is at the bottom of the document).
On a side note if anyone is looking for a tool to help out with translations David Deraedt wrote some nice air apps called Lupo Localization Studio that are reasonably inexpensive.